The Monaco Investment Corporation Founded to Lead Global Sovereign Direct Investment Program

10.5.2017 13:59 | Business Wire

Del

The Monaco Investment Corporation (MIC) was announced with the support
of HSH Prince Albert II of Monaco to lead a direct investment program
focused on acquiring controlling positions in companies around the
world. The corporation is managed by Scepter Partners, an investment
syndicate and merchant bank founded by financier Rayo Withanage and led
by a Steering Committee of industry veterans including Brady Dougan,
former CEO of Credit Suisse, William Doyle, former CEO of PotashCorp of
Saskatchewan and Bob Diamond, founder and CEO of Atlas Merchant Capital
and former CEO of Barclays. The new sovereign direct investment
corporation is focused on serving select investors as invited by Scepter
and the Principality. The MIC will initially lead an investment program
in financial institutions and natural resources with expansion into
other sectors as investment capabilities are acquired.

HSH Prince Albert II of Monaco commented: “The Monaco Investment
Corporation will change the way sovereign wealth and private investors
engage with large cap investments globally. The founders of Scepter and
I have both reaffirmed our commitment to back this institution and we
will proactively use our capital and relationships for its success. We
believe in the financial initiatives and strong leadership of Scepter
and we are confident that the MIC will grow into an institution for
which we can all be very proud.”

Scepter was established by members of Asian & Gulf based ruling families
who assembled a standing syndicate of sovereign investors around $14
billion of discretionary assets from Scepter stakeholders. HH Prince
Abdul Ali Yil Kabier, a Prince of Brunei and co-founder of Scepter
affirmed: “Their Highnesses and I are collectively committed to
supporting Monaco becoming a major player in global direct investment
and building value for stakeholders through the lens of sustainable
development. We have absolute confidence in Scepter’s leadership and
support the development vision of HSH Prince Albert II of Monaco.”

Mr. Withanage, executive chairman of Scepter commented, “We are
dedicated to thoughtfully building the MIC into a globally orientated
corporation that combines world class investors and operators to develop
a powerful stable of companies.” The corporation will be a supranational
investment vehicle, exclusively open to sovereign and institutional
investors. During its inaugural year, however, the corporation may
invite select Forbes 500 families who are residents or friends of
Monaco. These families are chosen by geography and industry focus as
founding investors in the corporation and part owners of the management
company. Mr. Mark Thomas, Vice Chairman of The Sovereign Trust,
Scepter's largest shareholder added: "The MIC is the first time a
sovereign direct investment structure marries significant long term
capital with some of the most successful individual investors in the
world. The MIC exists to work with one of Monaco’s most compelling
assets, its friends and residents."

The MIC shall initially capitalize upon Scepter’s unique confluence of
operating expertise in financial services and natural resources.
Leadership will focus its energies primarily over the next few months on
the MIC’s early investments and also decide the appointment of internal
investment managers and financial institutions to serve the corporation.
The MIC is positioned to work exclusively with those global financial
institutions that have committed to activities in Monaco and to absorb
investment managers who wish to move to a permanent capital platform.
Scepter is moving its leadership to Monaco, where it is establishing its
global headquarters.